Dow
Sp'daily5
Summary
The last 5 trading days have been a real mess. The bears tried to break the big 1400 level, but failed. It took the bulls five opening gaps higher to finally succeed.
The near term trend on all daily charts is now bullish. The underlying MACD (blue bar histogram) cycle is now indeed battling higher, and will go positive cycle in about 2-3 trading days - just in time for the election.
Are we looking at a major ramp to new index highs later next week?
The bigger picture charts...largely negated.
The weekly charts - which I have been droning on about recently are still suggestive of weakness, as are the monthly charts. Yet, the warnings were only 'mild' ones, and that has been the problem the bears have faced for so many months..and arguably for the past four years.
So, it would seem..on balance...we're going up. Clearly, the bulls will want to see sp>1474 this month, and that will open up the big 1500s, just in time for Santa.
A little more later.